REPowerEU
EU approves supplement to Finland’s recovery plan
Finland will use new REPowerEU funding to speed up the transition to clean energy. The EU’s Economic and Financial Affairs Council approved the REPowerEU chapter of Finland’s Recovery and Resilience Plan (RRP) on Friday 8 December.
Finland will receive a maximum of EUR 127 million in new funding under REPowerEU. Finland will use the funds for the following purposes:
- speeding up permit procedures in a manner compatible with the regional government reform, EUR 32 million
- R&D and pilot projects relating to clean energy and material flows, EUR 40 million
- investments in the clean transition, EUR 54.5 million
- transition of Åland’s energy system, EUR 0.7 million.
Cutting dependency on Russian fossil fuels
The EU is seeking to use the REPowerEU plan to cut its dependency on Russian fossil fuels and to speed up the transition to clean energy. REPowerEU is part of the Recovery and Resilience Facility (RRF).
The Union will grant a total of EUR 20 billion in funding for measures under REPowerEU. The EU is funding the plan mainly by selling emission allowances belonging to the EU Innovation Fund and by bringing forward the sale of emission allowances allocated to Member States.
The Recovery and Resilience Plan is part of the Sustainable Growth Programme for Finland, which will boost reforms and investments. The Programme is funded mainly through the EU’s recovery plan (NextGenerationEU).
Inquiries:
Laura Vartia, Senior Ministerial Adviser, tel. +358 295 530 228, laura.vartia(at)gov.fi
